Using The Right Sales Format For Your eBay Products
How do you list your eBay products? Auction or Buy it now? How about eBay classified ads? Whatever the case may be, it’s important to understand the different formats so you can plan as effectively as possible.
My purpose here is not to explain the logistics of how these formats work. What I want to do instead is help you weigh some of the pros and cons of each to help you plan a successful strategy for your eBay store.
EBay has become well known as an auction site and probably for good reason: because auction listings create the possibility of selling your eBay products for more money. An auction also lets the community of bidders set the price if you’re unsure of its value.
But auctions are more complicated and time- and research-intensive than other selling formats. Another problem is that sometimes an item can sell for way below market value unless you set a reserve price; although setting a reserve price will likely limit the number of bids you receive.
Buy it Now
By setting a fixed price, your buyers can buy right away. You can even include a “Best Offer Option,” meaning that you’ll accept the highest offer. Having a fixed price also helps you know your revenue and profit margin for each eBay product sold.
However, trends show that fixed price listings are more likely to go unsold than auction listings starting at a low bid. I would suggest looking further into this as it may affect your overall strategy.
A classified ad is listed on eBay for a predetermined number of days. When a potential buyer sees the ad, they will contact you. From there it becomes a private transaction between you and the buyer, with no further eBay-related support.
There are clearly advantages and disadvantages to these selling formats. Take the time to see which type of eBay listings work for you and your business and then create a strategic marketing plan. As a result, your eBay products will sell themselves.
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